Good day group,
For background, I'm 19 years outdated and presently going to school. A majority of my financial savings I earned via a job this previous summer time. The remaining is from presents, birthdays, and so on. I've procrastinated on what to do with the cash since summer time nevertheless it's solely been incomes 0.01% curiosity so I've lastly determined to do one thing.
I do know that via my "earned revenue" from my job I can contribute an excellent chunk to a Roth IRA.
What I'm frightened about with a Roth IRA is locking up a majority of my financial savings till retirement. I do know which you could withdraw the funds with out penalty but when I actually wanna go the Roth route, I'd wish to have it compound for years.
It's solely my first yr of school, and my bills are low as I nonetheless dwell with my mother and father. I have no idea how my life + bills will change post-college and I'm frightened about having little money readily available if I dump a majority of all of it right into a Roth IRA.
I've been within the MMF from Constancy SPAXX that's giving round 5% and is sort of liquid.
So, at this stage of my life, ought to I put my "earned revenue" into my Roth and the remaining in SPAXX or put all of it in SPAXX till I settle and discover a job after faculty? Or one thing else?
Any recommendation helps. I recognize it. 🙂
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